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The Junk Bond complex can be a great leading indicator for the next major move in the stock market.
The rally over the past 90 days brought all three of these assets back to their prior 2012 highs. Since hitting resistance line (1) recently, all three have reflected a small bit of price weakness, while attempting to break a rising support line at (2).
The media has been beating the drum that September will be a down month. It is way too early to tell how the month will turn out. Do keep a close eye on JNK & HYG.... if they continue to reflect weakness, stocks should follow them like they did earlier this year!